Iran: Budget shows deeply negative impact of US sanctions

President Hassan Rouhani submitted his government’s budget to parliament on 25 December, covering the fiscal year starting 21 March 2019. In so doing he highlighted the strain that United States’ sanctions are having on the economy. The budget includes spending of IR4,700trn (equivalent to $112bn at the official exchange rate of $1=IR42,000). While the outlay is 28% higher in Iranian rial terms compared to the previous year’s budget, in dollar terms it marks a sharp fall.